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Wednesday, November 25, 2020

NFL’s Josh Bellamy Among 57 Charged with Covid PPP Funds Fraud

NFL wide receiver Josh Bellamy is among 57 people charged with Covid-19 relief fraud after FBI officials say he misused PPP funds to buy Gucci and other high end luxury goods.

The Paycheck Protection Program is part of the $2 trillion Cares Act, which provided $349 billion in PPP loans to struggling small businesses amid the coronavirus pandemic via the Small Business Association (SBA).

The FBI says Bellamy participated in a scheme to fleece the federal government out of $24 million in Paycheck Protection funds.

Bellamy, 31, was cut by the NY Jets 2 days ago. It isn’t clear if his termination is linked to his arrest.

Prosecutors say Bellamy and his associates applied for $24 million in PPP funds for their businesses. They received $17.4 million – but neither Bellamy nor his associates used the money for their businesses.

Instead, Bellamy spent $95,000 on custom jewelry, $5,381 at Gucci and $2,014 at Dior. He also dropped more than $62,000 during a recent trip to the Seminole Hard Rock Hotel and Casino, TMZ reported.

Authorities say Bellamy recruited others to apply for giant loans using false information — then took kickbacks from each borrower.

Bellamy owns Drip Entertainment – an events promotion company – that hasn’t been active since 2019.

Bank records show Bellamy withdrew large amounts of cash – around $302,000 between May and July 2020.

If convicted on all charges, Bellamy faces decades in prison.

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